Hiscox extends partnership with Instanda

Hiscox has extended its agreement with cloud-based UK digital insurance platform, Instanda to include the management of direct-to-consumer and broker products in four European countries.

The insurer previously launched a motor product in Germany and Austria in May 2019. As part of the deal, the local team will launch direct products covering professional indemnity, general liability, property and cyber for SMEs in December.

The insurer’s French business will migrate an existing professional indemnity and cyber direct-to-consumer product to the platform, while the Irish team will migrate the professional indemnity, cyber, employers’ liability, public liability and property broker book to the platform.

Hiscox European chief executive, Stéphane Flaquet said it was an easy decision to expand the partnership with the digital platform, which responds to a strong market need in a unique way.

"Our first car product in Germany was built in just ten weeks. Our second product with more channels was built in just six weeks,” he added. “As we trade, we can adjust pricing in real time and continuously feed in customer experience improvements. The agility Instanda provides gives us a competitive edge which will be very important to our future business model.

Instanda chief executive officer, Tim Hardcastle said: “The Instanda no code model has enabled Hiscox to create their own ‘agile product factory’; a team of in-house and partner configurators trained on the platform, who are adding more books, building new products and making changes whenever the business requires it.”

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